Tuesday | 18th September 2018

Good Day all my beloved students & steemians. Inside this daily commentary I will share the short-term technical outlook and trade ideas for Bitcoin, Ethereum and Litecoin. 

  Previous commentary refer here: http://bit.ly/btcethltc170918

  My core strategies refer here: http://bit.ly/taicorestrategies

  WARNING

Do not attempt to use any of the trade ideas contained within unless you have attended my classes and understood the risk and money management behind these ideas.  

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BTC/USD

BTC fell hard last night, thereby suggesting that the corrective rebound from $6094.13 is effectively over. All along, it was noted that another low beneath $6094.13 is needed to complete the long-term decline from $8449.05. 

It was also suggested that such an extended fall is probably a terminal one. Going forward, this latest development may see a 5-wave decline with its origin from $7378.90, the immediate focus is a sharp fall towards $5273.79 with allowance for a deeper decline towards the $4479.80 projected target (see 4-hourly chart) This should be followed by a rebound and another dip to complete to entire down sequence from $7378.90. 

Then and only then, will a lasting bottom be in place and a significant reversal in BTC can be expected.                      

TRADE IDEAS

ETH/USD

Unlike BTC and LTC, there is a possibility that a major bottom was in place at $166.88. 

On the face of last night’s fall in crypto assets, this bullish view is clearly contradictory. Still, this is a tantalizing thought. 

ETH, too fell in tandem with the other major coins last night but in so long as this pullback does not take out the low at $166.88, the bullish scenario can be entertained. 

If this is the view, the overnight pullback is seen as a buying opportunity to position longs for the reversal.                

TRADE IDEAS

LTC/USD

Going into yesterday’s trade, it was hoped that there is perhaps another marginal high in LTC. 

That did not quite pan out as scripted. The overnight fall was sharp and has the hallmark of a 3rd wave move. 

Viewed in this manner, it is very likely, the rebound from $46.91 is over and another fall below this level is anticipated. 

All the while, the idea was that another decline below $46.91 is needed to complete the entire down sequence from the May 6 high of $183.28. Going forward, the steepest phase of this fall is still right ahead. 

Such an extended fall may target first $43.44 and if this level fails to hold, the next target is $36.54. This should be followed by a rebound and another low to complete the entire down sequence from $68.83. 

Thereafter, look out for a counter-trend rise and position longs for a possible long-term reversal in LTC.                    

TRADE IDEAS